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It is currently Thu Oct 23, 2014 6:49 am




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 Post subject: enlistment ends
PostPosted: Sat Jan 03, 2009 3:18 pm 

Joined: Wed Aug 27, 2008 7:14 pm
Posts: 6
as the subject says I am getting out of the navy in 9 months. (oct 2009 :D)
by the end of that 9 months ill have a little over $20,000.
along with $5,000 or so in stocks.

out of that $20,000 at most $6,000 is going towards a ring and wedding.
we get married in nov
she is still in the navy so the house is taken care of. there is no need for that.
i dont know her income (it goes up if she is married)
and i have know clue as of what work I will find in Florida.
she only has a yean and half left in once we get married.
we are looking to build a house once her enlistment is up.

i haven't figured out if i should work two jobs or one.
i'll make a decision based on her underway schedule

besides saving pretty much everything.
what else can we do to save for a house?
we are both young and her debt will be taken care of by this time.
tips, tricks, and advice are welcome

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never try to keep up with the joneses drag them down to your level
-thestevie


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PostPosted: Mon Jan 05, 2009 12:49 am 

Joined: Sun Dec 02, 2007 5:08 am
Posts: 20
Thanks for your service. As a former member of the Air Force I can tell you to make sure you get all of your records and what not before you get out. I know this is not along the lines of saving for a house but look into the Veterans Affairs office and see if you qualify for any benefits through them on buying a home. When I got out I kinda just left that life behind. It is haunting me know trying to track down records and what not. Even if you decide not to go the VA route at least give them a look over to see what they can offer you.


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PostPosted: Mon Jan 05, 2009 2:40 am 

Joined: Sun Jan 04, 2009 5:01 pm
Posts: 44
Have you talked to anyone regarding whether a home mortgage back by the VA would be to your advantage at all?
I am not familiar with the program currently, but I worked in the mortgage industry back in the early 90s, and the VA had a very good mortgage program for veterans.

Regarding tips and tricks to save more - sounds like you don't have a lot of expenses for now if your housing is taken care of with your soon to be bride still in the military.
What expenses do you have currently? Are you trying to pay 100% cash for a house or just have as big of a down payment as possible? Do you know the going market rate for the type/size of house in the geographic area where you want to live is? You can start with figuring out what the max mortgage payment you are comfortable having. For example, let's say that you don't want a mortgage payment more than $500 per month. You should be able to find some calculators online to will tell you the most you be able to borrow at such and such a rate for 15 or 30 year mortgages. Take that total loan number, and then take a look in the geographic area you want to live, and compare what the market prices are to what you can borrow. Ideally, 20% downpayment would be great so you could avoid PMI - but you should be able to figure out how much of a down payment you will need in order to buy a house where your mortgage payment would only be $500 per month (of course this refers only to principle and interest - you should figure out the property and inusrance costs as well).

Also - where in Florida will you be living? Depending on the work you did in the Navy, you could find a decent job with a government contractor, or a company that partners with direct government contractors. (IE., Honeywell has a good sized site in Clearwater Florida for their Space & Defence division).

I would focus on one job for a start - something in the field you really want if possible. If you do decide to get another position as well, consider working seasonal positions, or part time work that is something that is related to other interests so you don't get bored too quickly with it (or burnt out). I mention this because I have known a lot of people that have gotten a 2nd job to shore up their cash reserves/pay bills, but then burnt out too quickly, or the stress of having two jobs made any additional income moot by wiping it out by eating out, or spending on other items to make their life easier because they didn't have time to take care of things themselves.

Also - one last thing - have you done the math to figure out if buying is actually better for you at this point than renting? It may not be the best financial option for you right now if there are other things you also want to do while you are still young - such as travel. Owning a house can really tie you down, especially if you don't know what you want for a career after the military yet, or are sure you want to stay in Florida for a very long time.

Good luck! Let us know how you make out.

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"There is no spoon."


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PostPosted: Mon Jan 05, 2009 8:59 am 

Joined: Wed Aug 27, 2008 7:14 pm
Posts: 6
i am going to see the va as soon as i can.
i have his email and will start emailing with when i am closer to nov.
i think the a mortage co-signed by the VA is the best one ill get.

i dont have anyother expenses. right now anyway.
ill have insrance on 2 cars once i get out.
but that shouldnt be to much both classics and with the military on insrance company its cheaper.

we arent planning on staying in florida.
i really dont want a job like the one i did in the navy.
dont get me wrong navigation is a fun job.
but i want something different. i feel that since i still young i should learn other trades.

im really looking to build a house not buy one. (VA loan will cover it)
hopefully i can put up atleast half but i dont think that will happen.

ill find a calculators
thanks for the help

_________________
never try to keep up with the joneses drag them down to your level
-thestevie


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 Post subject:
PostPosted: Mon Jan 05, 2009 1:16 pm 

Joined: Mon Feb 04, 2008 7:35 am
Posts: 1148
Location: Maryland
If you and your wife haven't joined USAA already, I would.
http://www.usaa.com

My credit union is through Navy Federal, http://www.navyfcu.org. Once you are a member, anyone in your family can join and take advantage of all they have to offer.

I recommend both of them for insurance, banking, mortgages, retirement, etc..

They are both excellent. The customer service is top notch, and they have great rates. I bought my house through Navy Federal, and it is insured by USAA and I have not had one problem in 7 years.


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 Post subject:
PostPosted: Tue Jan 06, 2009 3:04 am 

Joined: Wed Aug 27, 2008 7:14 pm
Posts: 6
we both have usaa.
she has navy fed i dont i use ing instead.

_________________
never try to keep up with the joneses drag them down to your level
-thestevie


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 Post subject: military transition office
PostPosted: Tue Jan 06, 2009 11:01 pm 

Joined: Sun Jan 04, 2009 5:01 pm
Posts: 44
Have you contacted the military transition office where you are stationed?
If not - do so soon.
One thing that a lot of recruiters for companies do is let military tranisition officers know what types of jobs they are hiring because many companies prefer to hire people getting out of the military. In many cases, it is because they are looking for a hard to find skill set (I recruit for a major aerospace & defense company, so we love military transition officers!). ANYHOO....this is a good place to start.

And make sure you also post your resume on your state's free website. Employer's love those - although they are usually clunky to go through and a pain in the neck from the user end, they are FREE to employers, so that usually is one of the first places they will look for candidates and post jobs many times after their own website. Especially if they are cutting back and cannot afford to post on monster or other big jobs.
If you are not sure what state yet - go here:
http://www.jobcentral.com/

You will be able to look up the information - and they have a special military section.

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